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Generation Legacy for age 60+

When you’re considering how to preserve and transfer your assets, it’s important to explore financial solutions designed with security and flexibility in mind. As an Independent Insurance Agency, we work with products like Generation Legacy, which combines a single premium immediate annuity (SPIA) with a whole life insurance policy. This unique design can offer thoughtful options for legacy planning, especially for those with non-qualified annuities or qualified retirement funds.

How the Generation Legacy Structure Works

In simple terms, Generation Legacy involves two coordinated contracts:

  • A SPIA (Single Premium Immediate Annuity): You make a one-time premium payment. The annuity pays out a guaranteed income every year for a set period (up to 10 years, based on your age at issue).
  • A Whole Life Insurance Policy: The annual payouts from the SPIA automatically fund the premiums for a whole life policy, offering lifelong coverage and a guaranteed death benefit.

For example, let’s say you are 65 and own a non-qualified annuity that you want to reposition. By using Generation Legacy, your lump-sum can be used to purchase a SPIA, which then pays the annual premiums required for the life insurance—creating a legacy benefit for your heirs.

Real-World Benefits for You

Working with an independent agency offers access to solutions like this, designed for your circumstances:

  • Asset Transfer Efficiency: You can use existing retirement assets to purchase a policy that may enhance what you leave behind for beneficiaries.
  • Guaranteed Cash Value and Death Benefit: The whole life portion offers a permanent, tax-advantaged death benefit with cash values that build over time.
  • Flexible Payout Timing: The SPIA provides fixed annual payments, so you know exactly how much is funding your life insurance each year.
  • Living Benefits: Policyholders have access to living benefits in the event of a terminal illness or extended care need, where available.
  • Protection for Your Loved Ones: If you pass away during the payout period, your beneficiaries receive both the policy’s death benefit and any remaining annuity payments.

Is Generation Legacy Right for You?

Not every legacy or retirement strategy fits everyone’s situation. This design is specifically available to individuals age 60 to 80, looking for a way to use their assets strategically while simplifying annual premium payments. Coverage amounts can be tailored up to $450,000, and policy values are built to match those goals.

As your independent agent, we’re here to help you review all the details, compare your options, and see whether a solution like Generation Legacy meets your long-term objectives. If you want to learn more or discuss your specific situation, we’re ready to walk you through every step

 

 

 

 

Insurance products are offered through the following insurers: AccordiaLife (Nashville, TN); American General Life Companies (Wilmington, DE); Americo Financial Life (Kansas City, MO); American-Amicable (Waco, TX); Athene (West Des Moines, IA); Aetna Senior Supplemental Insurance (Franklin, TN); American National Insurance (Galveston, TX); American Continental Insurance Company; Baltimore Life Insurance Company (Owings Mills, MD); Foresters (Buffalo, NY); Gerber Life (Fremont, MI); Global Atlantic Financial Group; John Hancock (Portsmouth, NH); Mutual of Omaha (Omaha, NE); Liberty Bankers Life Insurance Company (Brownwood, TX); National Life Group (Montpelier, VT); AFLAC (Columbus, GA); Assurity Life Insurance (Lincoln, NE); Fidelity & Guaranty Annuities & Life (Baltimore, MD); Manhattan Life (Houston, TX); Humana, Inc. (Louisville, KY); WellCare (Tampa, FL); HealthFirst (Mukilteo, WA); Blue Cross Blue Shield (Chicago, IL); Anthem Blue Cross and Blue Shield (New York, NY); Cigna HealthSpring (Nashville, TN); Zing Health (Chicago, IL); Alignment Healthcare (Orange, CA); Transamerica Life Insurance (Cedar Rapids, IA); Trinity Life Insurance Company (Tulsa, OK); Family Benefit Life Insurance Co. (Tulsa, OK); Oscar (New York, NY); Ambetter Health (Atlanta, GA); Christus Health Plan (Irving, TX); Wellpoint (TX); Horizon Blue Cross Blue Shield (Newark, NJ); Imperial Insurance Companies (Pasadena,, CA); Care Source (Dayton, OH); AmeriHealth (Wilmington, DE); Ameritas (New York, NY); CICA Life of America (Austin, TX); Corebridge Financial Inc.; Nationwide Insurance (Columbus, OH); Kaiser Permanente (Oakland, CA); Physicians Mutual (Omaha, NE); Molina Healthcare (Long Beach, CA); Clover Health (Jersey City, NJ); Devoted Health; Elderplan; UPMC (Pittsburgh, PA); Mount Carmel Medigold Health Plan (Columbus, OH); KelseyCare Advantage (Pearland, TX); Sentara Health Plans; Priority Health (Grand Rapids, MI); McLaren; HAP (Health Alliance Plan) (Detroit, MI); SBLI (Woburn, MA); Illinois Mutual (Peoria, IL); Globe Life (McKinney, TX); Globe Life of New York (Dallas, TX); Wellabe (Des Moines, IA); LifeSecure (Brighton, MI); Bankers Fidelity (Atlanta, GA); Antidote Health Plans (New York, NY); CommunityCare (Tulsa, OK); Quartz Health Solutions, Inc. (Madison, WI); and other unaffiliated insurers.

Insurance services are provided by an independent insurance agency. National Insurance Associates, The Matthews Agency LLC and its producers are licensed in the states where services are offered. License numbers are available upon request. Availability, eligibility, and coverages may vary by state. Not all products are available in all states.